Bitcoin tumbled Monday on the news that Binance and its Chief Executive Officer Changpeng Zhao were being sued by the U.S. Commodity Futures Trading Commission.
The cryptocurrency has been on a two-week tear spurred by a banking crisis in the U.S., but it fell sharply after the CFTC’s lawsuit became public, at one point hitting $26,750 before rebounding to $27,350.
Notably, Binance's BNB also plunged to $314.9 from around $327.
Most crypto prices generally were trending down on Monday. Ethereum was down 2.8% over the last 24 hours, while Solana slid 4.9% and Litecoin fell 4.1%. Ripple's XRP has been outperforming other cryptocurrencies but also saw a dip after the news about Binance.
Companies in the crypto space saw shares fall throughout the morning. Coinbase is down around 9.6%, and MicroStrategy — which just announced that it bought $150 million in bitcoin in the past few weeks — fell 8.3%.
Most publicly traded miners were also down, including CleanSpark (-8.7%), Riot (-6.5%) and Hut 8 (-6.6%).
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